First off, it's not a ROM, it's technically just a mod. Secondly, Sony supposedly did update the software, and because the camera hardware in our z3V phones are identical to those of the z5 which was released with this updated software, it will do the same thing and be perfectly installable without having to port it. -And it is, on nearly every single z model but ours because the z3V is a Verizon Sony step child.
The UI is MOSTLY what's new and improved, but lower light shots do seem to be rendered better by the software. The ISO limits haven't changed and I doubt that Sony did something to alter their interpolation software, but something does seem different.
Until I can easily switch back and forth without having to flash to an entire restore that's 12Gb (in other words, simply flash back to the original camera as a zip), I'm not going to bother with tripod testing. Once I can do that, I will take shots with a tripod in varying light using the old and new camera zips and examine the shots and exif data. It could simply be that in manual mode the software defaults to better settings. I'm guessing that it's the default values values in lower light situations that have been changed, if anything.
At first I didn't like the user interface just because I wasn't used to it. But now I find I'm actually using it more than I used the old one (I normally use FV-5). It is a one handed, portrait friendly UI.
I highly recommend this mod. Simply make a backup and install it. You can always revert back to the old one via your backup or you could wait for zachariahpope to release the original as an installable zip.